SKIL Infrastructure Ltd

SKIL Infrastructure Limited was incorporated in April 21, 1983. The Company is the leading infrastructure development companies having pioneered the development in various projects such as seaports, logistics, power, bridges, dams, roads, airports, special economic zone, defence shipyard, offshore asset construction yard and urban infrastructure development. In 2013, the Scheme of Amalgamation and Arrangement between the Company, Horizon Country Wide Logistics Limited (HCWLL) and Fastlane Distriparks & Logistics Limited (FDLL) became effective from September 28, 2013. The Equity Shares of the Company were voluntarily delisted from Calcutta Stock Exchange Limited pursuant to SEBI (Delisting of Equity Shares) Regulations, 2009 w.e.f. March 10, 2016. Also, the Equity Shares of the Company were listed on BSE Limited through the direct listing mode w.e.f. May 03, 2016. As on 31 March 2016, the Company's Equity Shares are listed on the National Stock Exchange of India Limited and BSE Limited. Out of the aforesaid Subsidiary Companies, as of March 31, 2017, during the period under review, Energy India Corporation Limited, SKIL Karnataka SEZ Limited, Pipavav Aero Infrastructure Private Limited, Jansampada Engineering Company Private Limited and SKIL Midivisana Engineering Company Private Limited has been struck off under the fast track Exit (FTE). The Company along with SKIL Shipyard Holdings Private Limited, wholly owned subsidiary (SSHPL), Grevek Investment and Finance Private Limited (collectively referred to as the Sellers), Nikhil Gandhi, Bhavesh Gandhi (collectively along with the Sellers referred as Founder Promoters') had entered into Agreement dated March 04, 2015 with Reliance Defence Systems Private Limited (the Acquirer) and Reliance Infrastructure Limited (the PAC) (the Purchase Agreement), for disinvestments of stake in Pipavav Defence and Offshore Engineering Company Limited (now known as Reliance Defence and Engineering Limited) (RDEL). According to Purchase Agreement, the Acquirers were to purchase 13,00,00,000 equity shares of RDEL from the Sellers (i.e., 9,16,22,315 equity shares from the Company and 3,83,77,685 equity shares from SSHPL), at a price of Rs. 63 per share, aggregating Rs. 819 Crore. Till on the date of report, Acquirer purchased 8,77,40,598 equity shares constituted aggregating to Rs. 553 crores, which has been utilized for reduction of debts of the Company. During FY 2017, the Office of the Collector of Stamps (Enforcement - 2), Mumbai had, vide letter dated September 19, 2015, reiterated the demand of stamp duty of Rs 25 crores besides interest as per the provisions of Maharashtra Stamp Act, 1958. The Company, having disagreed with valuation/assessment of stamp duty, had filed an appeal before the Chief Controlling Revenue Authority, Pune, to: (i) Review the Interim Demand Notice/s, (ii) Ascertain the fair and present stamp duty; (iii) For such further and other reliefs as may deem necessary, The Chief Controlling Revenue Authority, Pune has, vide order dated March 02, 2016 rejected the appeal, After exploring all the possible legal actions, the Company has filed the writ petition bearing No. 10528/2017 before the Hon'ble High Court, Bombay Challenging the order passed by the concerned authority and the matter is subjudice. As on March 31, 2018, the Company has eight Subsidiary Companies including one foreign Subsidiary which are Gujarat-Dwarka Portwest Limited, Pipavav Electronic Warfare Systems Private Limited, Chiplun FTWZ Private Limited, SKIL-Himachal Infrastructure and Tourism Limited, SKIL Shipyard Holdings Private Limited, Metrotech Technology Park Pvt. Ltd., SKIL Advanced Systems Private Limited (SASPL) and SKIL (Singapore) Pte. Ltd. Out of the aforesaid Subsidiary Companies, Pipavav Electronic Warfare Systems Private Limited have submitted an application to the Registrar of Companies on April 13, 2018 for striking-off the name under Fast Track Exit (FTE) Mode pursuant to Section 248 of Companies Act, 2013. Further, during the year under review, Navi Mumbai Smart City Infrastructure Limited (NMSCIL) ceased to be the Subsidiary of the Company. Thus, Orange Smart City Infrastructure Private Limited (OSCIPL), which is the Subsidiary of NMSCIL, ceased to be the step down subsidiary of the Company. During the year 2019, Chiplun FTWZ Private Limited, a subsidiary company obtained the status of Dormant Company under the Companies Act, 2013.